Question

under the law of demand a) price is dependent variable b) price is independent variable c) quantity is independent variable d) tastes and preferences is the independent variable ​

Answer 1

Explanation:

1:The law of demand is a microeconomic law that states, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa.

2:The law of demand says that the higher the price, the lower the quantity demanded because consumers’ opportunity cost to acquire that good or service increases, and they must make more trade-offs to acquire the more expensive product.